NN Warns on Second Quarter

NN ( NNBR) warned Friday that it would miss second-quarter earnings estimates as it works down inventory.

The Johnson City, Tenn., maker of bearings for manufacturers said it expects to make 11 to 12 cents a share for the quarter, which is well short of the Wall Street analyst consensus of 19 cents.

The company also trimmed its full-year guidance to 60-63 cents a share from the previous 77 cents.

In addition to the inventory workdown, NN blamed rising compliance costs with the Sarbanes-Oxley Act of 2002, along with start-up costs from its Slovakian operation.

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